注册金融分析师一级-27及答案解析.doc

1、注册金融分析师一级-27 及答案解析(总分：30.00，做题时间：90 分钟)一、单项选择题(总题数：30，分数：30.00)1.U.S. banks will generally opt to hold excess reserves if they believe general business conditions in the U.S. economy are subject to greater uncertainty. If all else is held constant, what is the most likely impact of this action?（分数：1

2、.00）A.The money supply will decrease.B.The money supply will increase during a period of inflation, but will decrease if the economy goes into a recession.C.There will be no effect on the money supply.2.ff the economy is just beginning to come out of a recession, which of the following would represe

3、nt a typical sequence of phases in the business cycle?（分数：1.00）A.Expansion, business peak, contraction, recessionary trough.B.Expansion, business peak, recessionary trough, contraction.C.Depression, expansion, business peak, contraction.3.Proper timing of fiscal policy is important if the government

4、 is to:（分数：1.00）A.generating revenues from taxes and sales equal to its expenditures.B.stimulate economic activity during a recession and restrain the economy during an inflationary boom.C.increasing the supply of loanable funds needed to place downward pressure on the real rate of interest.4.Which

5、of the following most accurately describes the generational effects of fiscal policy?（分数：1.00）A.Fiscal stimulus generates economic activity greater than the amount of the stimulus due to the multiplier effect on future generations.B.Each generation of fiscal policy decisions has unintended effects t

6、hat require another generation of fiscal policy actions to correct them.C.Fiscal imbalances must be corrected in the future by increasing taxes or decreasing government spending, and much of the burden will fall on future generations.5.Which of the following statements about phases of the business c

7、ycle is most accurate?（分数：1.00）A.During an expansion, real output grows and unemployment increases.B.During contraction, real output declines and unemployment decreases.C.The business peak is the highest output (measured in GDP) of an expansion.6.Automatic stabilizers are government programs that te

8、nd to:（分数：1.00）A.automatically increase tax collections during a recession.B.reduce interest rates, thus stimulating aggregate demand.C.change government deficits in a manner counter-cyclical to economic growth without legislative action.7.The Laffer curve indicates that:（分数：1.00）A.an increase in in

9、come tax rates will increase tax revenue.B.a decrease in sales tax rates could increase tax revenue.C.an increase in income tax rates may not increase tax revenue.8.According to the supply-side view of fiscal policy, if the impact of tax revenues is the same, does it make any difference whether the

10、government cuts taxes by either reducing marginal tax rates or increasing the personal exemption allowance?（分数：1.00）A.No, both of the methods of cutting taxes will exert the same impact on aggregate supply.B.No, people in both cases will increase their savings expecting higher future taxes and there

11、by offset the stimulus effect of lower current taxes.C.Yes, the lower tax rates alone will increase the incentive to earn marginal income and thereby stimulate aggregate supply.9.The demand for money curve represents the relationship between the quantity of money demanded and:（分数：1.00）A.the quantity

12、 of money supplied.B.short-term interest rates.C.the price level.10.If the money interest rate is measured on the y-axis and the quantity of money is measured on the x-axis, the money supply curve is:（分数：1.00）A.horizontal.B.upward sloping to the upper right.C.vertical.11.Assume that nominal gross do

13、mestic product (GDP) is $10 trillion and the money supply is $ 5 trillion. What is the velocity of money?（分数：1.00）A.5x.B.50x.C.2x.12.The supply of money is primarily determined by:（分数：1.00）A.inflation.B.the monetary authorities.C.interest rates.13.Which of the following statements regarding inflatio

14、n is most accurate?（分数：1.00）A.The purchasing power of money increases as a result of inflation.B.Inflation has no effect on the real economic output.C.Inflation is a persistent increase in the general price level of goods and services.14.Which of the following is not an effect of restrictive monetar

15、y policy?（分数：1.00）A.higher real interest rates.B.lower real output.C.higher employment.15.Which of the following is least likely to be cited as a limitation of discretionary fiscal policy stabilizers?（分数：1.00）A.Changes in the business cycle are difficult to predict.B.Taxes paid by households increas

16、e as incomes rise.C.Legal changes are delayed while legislators debate fiscal policy issues.16.A recession is defined as a period during which real gross domestic product (GDP) declines for:（分数：1.00）A.one or more successive quarters.B.two or more successive quarters.C.three or more successive quarte

17、rs.17.The major advantage of automatic stabilizers is that:（分数：1.00）A.they institute crowding out policy without the delays associated with policy changes that require legislative action.B.they institute countercyclical fiscal policy without the delays associated with policy changes that require leg

18、islative action.C.they institute cyclical fiscal policy without the delays associated with policy changes that require legislative action.18.Which of the following items is least likely to be included in the monetary base?（分数：1.00）A.Commercial checking deposits.B.Federal Reserve notes.C.Coins issued

19、 by the Treasury.19.When an economy dips into a recession, automatic stabilizers will tend to alter government spending and taxation so as to:（分数：1.00）A.reduce the budget deficit (or increase the surplus).B.enlarge the budget deficit (or reduce the surplus).C.ensure that the budget will remain in ba

20、lance.20.Which of the following is the most accurate definition of the velocity of money? The velocity of money is the:（分数：1.00）A.GDP of a country divided by its price level.B.money supply of a country divided by its price level.C.GDP of a country divided by its money supply.21.Which of the followin

21、g is determined by the equilibrium between the demand for money and the supply of money?（分数：1.00）A.Inflation rate.B.Interest rate.C.Money supply.22.The corporate income tax is an automatic stabilizer because:（分数：1.00）A.corporate profits are strongly counter-cyclical.B.corporate profits are strongly

22、pro-cyclical.C.the corporate profits tax increases tax collections during recessions.23.Which school of thought holds that fiscal policy is most effective?（分数：1.00）A.the basic Keynesian model.B.the Crowding-Out model.C.New Classical economics.24.Under the classification system used by the U.S. Burea

23、u of Labor Statistics, which of the following people would least likely be considered unemployed? Someone who:（分数：1.00）A.was terminated from his last job.B.quit his previous job and is looking for new work.C.is disabled and unable to return to work.25.The crowding-out effect suggests that:（分数：1.00）A

24、.expansionary fiscal policy causes inflation.B.restrictive fiscal policy is an effective weapon against inflation.C.the sale of government bonds to the public will drive up interest rates, thereby retarding private investment and aggregate demand.26.Which one of the following is NOT a major predicti

25、on of the effects of monetary policy?（分数：1.00）A.The inflation rate and money interest rates are directly related.B.Inflation will remit from the rapid and persistent growth of the money supper.C.There is a strict relationship between shifts in monetary policy and changes in output and prices.27.Whic

26、h of the following statements best explains the importance of the timing of changes in discretionary fiscal policy? Changes in discretionary fiscal policy must be timed properly if they are going to:（分数：1.00）A.help the government achieve a balanced budget.B.exert a stabilizing influence on an econom

27、y.C.enable the government to control the money supply.28.According to the quantity theory of money, if the gross domestic product is $6 trillion and M1 money supply is $ 800 billion, the velocity of the M1 money supply is:（分数：1.00）A.0.133.B.1.153.C.7.500.29.Which of the following statements is most

28、accurate with respect to the measures of the money supply?（分数：1.00）A.When a firm writes a check to an individual, the M1 measure is increased.B.When an individual pays for a transaction at a business with a credit card, the M2 measure is increased.C.M2 includes M1 plus time deposits, savings deposit

29、s, and money market mutual fund balances.30.Analysis using the AS-AD model suggests that if expected inflation equals actual inflation:（分数：1.00）A.unemployment will rise.B.unemployment will fall.C.the economy will remain at full-employment GDP.注册金融分析师一级-27 答案解析(总分：30.00，做题时间：90 分钟)一、单项选择题(总题数：30，分数：3

30、0.00)1.U.S. banks will generally opt to hold excess reserves if they believe general business conditions in the U.S. economy are subject to greater uncertainty. If all else is held constant, what is the most likely impact of this action?（分数：1.00）A.The money supply will decrease. B.The money supply w

31、ill increase during a period of inflation, but will decrease if the economy goes into a recession.C.There will be no effect on the money supply.解析：If banks choose to hold excess reserves, they will decrease their lending. Less bank lending will cause the money supply to decrease.2.ff the economy is

32、just beginning to come out of a recession, which of the following would represent a typical sequence of phases in the business cycle?（分数：1.00）A.Expansion, business peak, contraction, recessionary trough. B.Expansion, business peak, recessionary trough, contraction.C.Depression, expansion, business p

33、eak, contraction.解析：If the economy is just beginning to come out of a recession, a period of expansion is beginning. In a typical business cycle, this will be followed by a business peak, and a period of contraction, leading to the next recessionary trough. This would complete one cycle from the tim

34、e of the last recession. C is not appropriate since the question says that the economy is coming out of a recession. This suggests that the economy is getting better, not worse.3.Proper timing of fiscal policy is important if the government is to:（分数：1.00）A.generating revenues from taxes and sales e

35、qual to its expenditures.B.stimulate economic activity during a recession and restrain the economy during an inflationary boom. C.increasing the supply of loanable funds needed to place downward pressure on the real rate of interest.解析：If fiscal policy is going to reduce economic instability, change

36、s in policy must stimulate the economy during a recession and restrain it during an inflationary boom.4.Which of the following most accurately describes the generational effects of fiscal policy?（分数：1.00）A.Fiscal stimulus generates economic activity greater than the amount of the stimulus due to the

37、 multiplier effect on future generations.B.Each generation of fiscal policy decisions has unintended effects that require another generation of fiscal policy actions to correct them.C.Fiscal imbalances must be corrected in the future by increasing taxes or decreasing government spending, and much of

38、 the burden will fall on future generations. 解析：Generational effects of fiscal policy refer to the burden of government deficits, which must be corrected by future increases in taxes or decreases in government spending. Studies show that in the U. S. , more than half of the burden of the fiscal imba

39、lance will fall on future generations.5.Which of the following statements about phases of the business cycle is most accurate?（分数：1.00）A.During an expansion, real output grows and unemployment increases.B.During contraction, real output declines and unemployment decreases.C.The business peak is the

40、highest output (measured in GDP) of an expansion. 解析：Only the business peak is accurately described.6.Automatic stabilizers are government programs that tend to:（分数：1.00）A.automatically increase tax collections during a recession.B.reduce interest rates, thus stimulating aggregate demand.C.change go

41、vernment deficits in a manner counter-cyclical to economic growth without legislative action. 解析：Automatic stabilizer are built-in features that tend to automatically promote a budget deficit during a recession and a budget surplus during an inflationary boom, without a change in policy.7.The Laffer

42、 curve indicates that:（分数：1.00）A.an increase in income tax rates will increase tax revenue.B.a decrease in sales tax rates could increase tax revenue.C.an increase in income tax rates may not increase tax revenue. 解析：The Laffer curve suggests that an increase in income tax rates will increase tax re

43、venues up to a point, and thereafter increases in income tax rates will actually decrease tax revenues. Conversely, a decrease in income tax rates may decrease or increase overall tax revenues, depending upon the initial level of income tax rates.8.According to the supply-side view of fiscal policy,

44、 if the impact of tax revenues is the same, does it make any difference whether the government cuts taxes by either reducing marginal tax rates or increasing the personal exemption allowance?（分数：1.00）A.No, both of the methods of cutting taxes will exert the same impact on aggregate supply.B.No, peop

45、le in both cases will increase their savings expecting higher future taxes and thereby offset the stimulus effect of lower current taxes.C.Yes, the lower tax rates alone will increase the incentive to earn marginal income and thereby stimulate aggregate supply. 解析：Supply-side economies contends that

46、 a reduction in marginal tax rates will give individuals and businesses the incentive to: (1) invest and save, (2) work at and increase their productivity in projects that provide taxable income, and (3) cut back on leisure time activities in order to participate in tax-shelter programs9.The demand

47、for money curve represents the relationship between the quantity of money demanded and:（分数：1.00）A.the quantity of money supplied.B.short-term interest rates. C.the price level.解析：The demand for money curve represents the relationship between short-term interest rates and the quantity of real money t

48、hat households and firms demand to hold.10.If the money interest rate is measured on the y-axis and the quantity of money is measured on the x-axis, the money supply curve is:（分数：1.00）A.horizontal.B.upward sloping to the upper right.C.vertical. 解析：The money supply schedule is vertical because it is

49、not affected by changes in the interest rate but is determined by the monetary authorities such as the Federal Reserve System (Fed) in the United States.11.Assume that nominal gross domestic product (GDP) is $10 trillion and the money supply is $ 5 trillion. What is the velocity of money?（分数：1.00）A.5x.B.50x.C.2x. 解析：According to the quantity theory of money, velocity = GDP/money supply. Hence, V = 10/5=2x.12.The supply of money is primarily determined by:（分数：1.00）A.inflation.B.the monetary authorities. C.interest rates.解析：The monetary authorities determine the quantity of money ava